AUDUSD Weekly Forex Forecast – 12th to 16th Mar 2018
The Aussie has posted another green week which is supportive for the bullish case. There is scope for the AUDUSD to eventually have a try to regain again the big psychological number 0.8000. However, before that we still have to regain the intraday resistance level 0.7880. A daily close above this level is sufficient to give the AUD/USD a boost and open the door for a retest of 0.8000.
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On the downside the first area of interest is at 0.7800, but last week low 0.7720 remains the critical level for the bulls. A break and a daily close below can invalidate the bullish case and eventually can open the door for a bigger drop towards the next are of support at 0.7643 levels. The Australia economic calendar doesn’t have any major risk event that can disrupt the market volatility. However, we can mention the RBA Assist Gov Kent which is due to speak at the Kanga News Summit, in Sydney. Monday we also have the Australia Labour Day which means that traders need to expect low level of trading activity
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